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Hey Landlord! Is Your Lease Legal?


The longer you are a landlord the more you strive to create the perfect lease/rental agreement. Landlords learn in the school of hard-knocks that some tenants are certified trouble makers and we try our best to protect ourselves with a carefully structured restrictive lease.

That's just good business.... but be careful you don't include any provisions in your lease that may not be legal. For example...

It would be illegal to include a provision that states the resident agrees not to include his or her lease (the lease on your property) in their bankruptcy filing... should their bankruptcy become necessary.

Bankruptcy laws are Federal.. lease law is state law.

Anyone can file for bankruptcy and invoke all protections afforded to them by the U.S. Bankruptcy Code... including not making lease payments... at least temporarily.

Here's another caution...

It would be illegal for your lease to require that residents be responsible for injuries he or she sustain during the lease term. The law can legally hold landlords liable for damages and injuries caused due to negligence. A landlord cannot contract that away.

How about repairs....

The same would apply to a requirement that the tenant be responsible for all necessary repairs. In every state the law mandates that landlords perform certain repairs to maintain the property and keep it habitable.

Does your lease contain a clause concerning attorney fees?...

Requiring a renter to pay for all of the landlord's legal fees and costs regardless of a court case out come would also be a lease no-no.

Most good leases have stood the test of time and will help you avoid legal problems. Just don't ask tenants to sign it until you have read and completely understand every line of the lease you are using.

You'll find the lease we use here...

http://digbig.com/4ckcd

Mark Walters is a third generation real estate investor who shares his experience from two Web sites... http://www.CashFlowInstitute.com http://www.ThePowerLetter.com


MORE RESOURCES:
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Mansion Global

UBS Economist: Why You Should Wait to Buy Luxury Real Estate
Mansion Global
This year's report found that the world's major financial centers are facing greater risks of a real estate bubble in 2017 compared to the year before, with Toronto taking the top spot in terms of risk of a bubble. Mr. Veraguth, 49, has a masters in ...



Mansion Global

Downtown Led Manhattan's Luxury Real Estate Market Last Week
Mansion Global
Manhattan's luxury real estate market is continuing its steady summer pace, powered by downtown deals, according to the latest Olshan report released Monday. The week ending Sunday saw 24 contracts signed on luxury properties—defined as homes ...

and more »


Forbes

Why 'Building Culture' Is Critical To Real Estate Success
Forbes
As a founder and real estate technology executive, I spend much of my day thinking about the culture we are creating for our team. In every effort our company takes, I work to reinforce our shared values of creativity, continuous learning, inclusion ...



Wall Street Journal

As Interest Rates Rise, Real-Estate Stocks Lose Luster - WSJ
Wall Street Journal
The Fed's hawkish tilt is upending real-estate investment trusts and other stocks with juicy dividend yields that had been thriving in a lower-rate environment.

and more »


Curbed

Zillow Data Used To Project Impact Of Sea Level Rise On Real Estate
NPR
ALLEN: Real estate in 22 states and the District of Columbia. Working with the online real estate company Zillow, the Union of Concerned Scientists examined sea level rise projections in hundreds of communities from Washington State to Maine.
Coming crisis of coastal flooding: $1 trillion of real estate at risk by 2100Curbed
Underwater: Rising Seas, Chronic Floods, and the Implications for US Coastal Real Estate (2018)Union of Concerned Scientists
Coastal Real Estate Worth Billions at Risk of Chronic Flooding as Sea Level RisesInsideClimate News
NJ Spotlight -Climate Liability News -Nature -USA TODAY
all 144 news articles »



Wall Street Journal

VTS Plans Tool to Help Commercial Real Estate Clients Track ...
Wall Street Journal
The big data scrum in the commercial real-estate industry is about to heat up with the launch of a new service by a startup whose investors include Blackstone ...

and more »


Voxel Worlds Raises Funds and Signs More International Real Estate Developers
PR Newswire (press release)
The money injected by our investors will help us market our revolutionary products to real estate developers around the world. Furthermore, we will be participating in industry events in Paris and Orlando," said Max Agrad, President and Co-Founder of ...

and more »


Real Estate Transactions, June 3-9
Aspen Daily News
Grantor: Kenneth Grabow. Grantee: Gregory Wilson. Property: Parking Unit Obermeyer Place Condo 8A, Parking Unit Obermeyer Place Condo 8B. Cost: $320,000. Grantor: Kristin Everhart. Grantee: Peter Gustav Oliver Jr., Antonella Giovanna Bonfiglio-Oliver.



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